India-Australia Economic Cooperation and Trade Agreement, which will spur manufacturing, especially in the textiles, gems, jewelery, and pharmaceutical sectors. Union Minister Piyush Goyal has said that 10 lakh new jobs will be created by this trade agreement. He said “This trade agreement will benefit labor-intensive sectors. It is expected to generate additional employment of at least one million jobs in India, as well as create ample investment opportunities and encourage start-ups. Similarly, it will provide better job opportunities for Indians." The Union Minister said that there has been an increase in exchanges between Australia and India.
Goyal on Tuesday said that the Parliament of Australia has announced to pass of the Free Trade Agreement (FTA) with India and the initial size of bilateral trade between the two countries will go up to about $ 45-50 billion in the next five to six years. Could Addressing a press conference on the trade deal after the deal was approved by the Australian Parliament, Goyal said that under the deal Australia would eliminate 100 percent duty on tariff lines.
Emphasizing that the agreement was finalized after extensive and comprehensive stakeholder consultations, the minister pointed out that it was "accepted unanimously".
The deal which was signed on April 2, 2022, is now up for ratification for its early implementation. India's Ministry of Commerce and Industry said in a statement on Tuesday evening, just after Minister Goyal's statement, that the agreement would be brought into force shortly at a mutually convenient date after both sides complete their domestic procedures.
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